Image: Nate Shivar (CC BY 2.0)
On Monday, Mayor Keisha Lance Bottoms’ office announced an agreement to move forward on the funding of the $5 billion Gulch project, which has recently come under fire by community groups for its subsidy structures. While Atlanta Public Schools will drop its objections and continue to participate in the Westside Tax Allocation District, the city will reimburse the district to the tune of $15 million from 2020 to 2023. Overall, Construction Dive estimates the project will benefit from some $40 million in bonds to help finance it.
The resolution passed unanimously in the Atlanta City Council. “Today’s agreement brings the city to the final stages of what truly represents public-private innovation at its finest, revolutionizing economic development in Atlanta for generations to come,” said Mayor Bottoms in a statement. She characterized the development as “one of the most significant redevelopment projects in the history of Atlanta.”
The bonds are part of the $1.9 billion in incentives the council authorized in November. The funds are aimed at helping developer CIM Group make the changes needed to the site in order to build a massive residential and commercial development on the former rail yard area near Mercedes-Benz Stadium. In return, CIM has agreed to invest more than $50 million in affordable housing and workforce development.
In other local real estate news:
- A study released this week provided yet another reason for young professionals to consider relocating to Atlanta. According to Wallethub, Atlanta has the most per-capita science, technology, math and engineering job openings in the country. Overall, Atlanta ranked number seven on the data company’s list of best cities for STEM jobs. To make this determination, WalletHub compared the 100 biggest metro areas across 20 key metrics, including quality of life and opportunities in the growing fields that make up STEM.
- And finally, a positive development for a local charity: The Atlanta division of national homebuilder and developer Taylor Morrison, presented a $4,198 donation — funds raised during a holiday party last month — to The Drake House. The local homelessness outreach organization assists women and children in North Fulton County by offering private, fully furnished apartments, life-skills classes, career counseling and after-school programming to single mothers. More than 10,000 people in Atlanta experience homelessness on any given night, according to the organization.